NEW DELHI: Pandemic-led issues are prompting corporations throughout sectors to make use of synthetic intelligence (AI)-powered sentiment evaluation.
For occasion, after the Reserve Bank of India (RBI) lifted a moratorium on mortgage repayments, banks and non-banking monetary corporations (NBFCs) needed to cope with a backlog of pending loans. To speed up the method, many NBFCs and banks started to undertake pure language processing (NLP)-based options to evaluate a borrower’s sentiment from their conversations.
A living proof is Credgenics’ sentiment evaluation device that makes use of speech recognition and evaluation of chats over automated voice bots and WhatsApp bots to generate insights about debtors. These have allowed NBFCs and banks to establish the issues that debtors are dealing with in paying loans. Credgenics claims that over 60 lending establishments together with ICICI Bank, Axis Bank and IDFC First Bank are utilizing its sentiment analysis-based software-as-a-service (SaaS) platform.
“This has allowed them to plan the communication technique and channel for the lenders for optimum outcomes,” said Anand Agrawal, co-founder and chief technology officer at Credgenics. He said sentiment analysis helps extract subjective meaning from text to determine a borrower’s sentiment. It is an ideal tool for reviewing unstructured content about a particular borrower’s digital communication for insights.
According to Agrawal, sentiment analysis has enabled lending institutions to improve their debt collection rates by 15-20% and recover 70-95% of their bad debts.
Sentiment analysis is also helping companies stem attrition. Firms are using these tools to identify employees who might leave, and retain them with perks, salary hikes, and a better working environment. “We have seen customers able to retain 85% of their top talent (using sentiment analysis),” stated Tanmaya Jain, founder and chief govt of inFeedo, a SaaS agency that gives sentiment evaluation instruments to over 200 corporations, together with Samsung, Airtel, Xiaomi and Lenovo in India.
Jain stated one of many prospects in India, a big unnamed enterprise with over 3,000 workers, was struggling to retain workers after a big merger with one other firm. After deploying a sentiment evaluation chatbot, the corporate was in a greater place to estimate worker sentiment and managed to extend its retention price by over 10%.
InFeedo’s AI chatbot presents insights primarily based on its interplay with workers. The bot makes use of NLP to know the context and establish workers who appear disengaged and usually tend to go away.
The use of sentiment evaluation isn’t completely new. Earlier, using NLP for sentiment evaluation was restricted to tech giants corresponding to Google and Amazon, which had extra information and AI and ML engineers to experiment with it.
Among Indian corporations, e-commerce companies corresponding to Flipkart had been the primary to undertake it to know buyer sentiment by analysing consumer critiques utilizing NLP.
NLP, a subset of AI, permits a bit of software program to learn, perceive and derive context in textual content and spoken phrases similar to people. It can be utilized in any area the place human dialog is concerned. Before NLP, most AI-based chatbots operated and responded inside a set boundary of mounted set of questions and solutions.
Sentiment evaluation has been round for years, however the curiosity in it’s rising amongst many companies now because the underlying NLP expertise has develop into much more mature. “What has modified is that now the NLP and sentiment evaluation is turning into much more mature by way of accuracy, readiness,” said Jayanth Kolla, co-founder of market researcher Convergence Catalyst.
He added that the talent pool of people working on it has increased in the recent past, which in turn has led to more adoption.
According to Kolla, demand for sentiment analysis has grown since the pandemic. He noted that a lot of HR tech firms are using sentiment analysis to read the chatter on platforms like LinkedIn and Glassdoor to rank companies.
For inFeedo, the demand has grown 3x since the pandemic. “Earlier, with employees being on premises, it was easier to understand employee sentiment, but with hybrid and remote work, and with video conference fatigue, it is difficult for leaders to gauge their employee’s sentiment,” stated Jain.
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